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| Certification Vendor: | FINRA |
|---|---|
| Exam Name: | Securities Industry Essentials Exam |
| Exam Number: | SIE |
| Exam Duration: | 105 minutes |
| Real Exam Qty: | 75 scored + 5 unscored pre-test |
| Passing Score: | 70% |
| Exam Format: | Multiple Choice |
| Certificate Validity Period: | 4 years |
| Available Languages: | English |
| Exam Price: | $100 USD |
| Related Certifications: | Series 79 Series 7 Series 6 Series 86/87 Series 82 Series 57 Series 22 |
| Recommended Training: | FINRA SIE Content Outline & Study Materials |
| Exam Registration: | Prometric Testing FINRA Official Registration |
| Sample Questions: | FINRA SIE Sample Questions |
| Exam Way: | Computer-based; available in-person at Prometric test centers or online remote proctoring |
| Pre Condition: | Minimum age 18; no firm sponsorship or prior employment required; open to all individuals |
| Official Syllabus URL: | https://www.finra.org/registration-exams-ce/qualification-exams/securities-industry-essentials-exam |
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NEW QUESTION # 156
Which of the following statements best describes the permissibility of a borrowing arrangement between a registered representative (RR) and a customer who is also the RR's grandfather?
Answer: C
Explanation:
Step by Step Explanation:
* FINRA Rule 3240: Permits borrowing or lending arrangements between RRs and customers under specific conditions, including familial relationships, provided the arrangement complies with the firm's policies.
* Incorrect Options:
* A: FINRA approval is not required; firm approval is.
* B: A written agreement alone is insufficient without firm approval.
* C: Commercially reasonable terms are not the sole criterion for permissibility.
References:
* FINRA Rule 3240 (Borrowing from or Lending to Customers): FINRA Rule 3240.
NEW QUESTION # 157
An investor is bullish on the technology sector and heavily invests in microchip companies. Impactful regulatory changes are announced that will negatively affect microchip manufacturing. In order to mitigate the risk to his portfolio, the investor should:
Answer: C
Explanation:
The announcement of negative regulatory changes introducesunsystematic risk, specific to the technology sector. Diversification into unrelated sectors can reduce exposure to this risk.
* A is correctbecause uncorrelated holdings reduce portfolio risk.
* Bis incorrect because adding more microchip companies increases exposure to sector-specific risk.
* Cdoes not address the core issue of over-concentration.
* Dis the opposite of mitigating risk.
NEW QUESTION # 158
An investor is bullish on a particular stock for the long run, but he would prefer a better price than the stock's current quote. Which of the following trades should the investor enter for this stock?
Answer: C
Explanation:
A limit order to buy allows the investor to specify the maximum price he is willing to pay for the stock. The order will only execute if the stock price falls to or below the specified price.
* B is correct because a limit order to buy aligns with the investor's desire to secure a better price.
* A is incorrect because a limit order to sell is used when an investor wants to sell at a minimum price.
* C and D are incorrect because market orders execute at the current market price, not at a preferred price.
Reference: SIE Study Guide, Chapter 1: Trade Execution and Order Types
NEW QUESTION # 159
An investor is bullish on a particular stock for the long run, but he would prefer a better price than the stock's current quote. Which of the following trades should the investor enter for this stock?
Answer: C
Explanation:
A limit order to buy allows the investor to specify the maximum price he is willing to pay for the stock. The order will only execute if the stock price falls to or below the specified price.
* B is correctbecause a limit order to buy aligns with the investor's desire to secure a better price.
* Ais incorrect because a limit order to sell is used when an investor wants to sell at a minimum price.
* CandDare incorrect because market orders execute at the current market price, not at a preferred price.
NEW QUESTION # 160
When an investor is subject to a limitation on his ability to sell his investment, he is most likely to experience which of the following types of risk?
Answer: A
Explanation:
Liquidity risk is the risk that an investor may not be able to sell an investment quickly, efficiently, or at a fair market price. The question specifically describes a limitation on the investor's ability to sell, which is the defining feature of liquidity risk. An investment may be illiquid because of transfer restrictions, limited secondary-market demand, lack of active buyers, lock-up periods, private placement restrictions, or product structure. When liquidity is limited, the investor may be forced to hold the position longer than intended or accept a reduced price to exit. Market risk is broader and refers to losses caused by general market movements. Political risk involves adverse effects from government action, instability, or policy changes.
Prepayment risk applies mainly to mortgage-backed or callable debt instruments when principal is returned earlier than expected. The SIE outline identifies liquidity as a core investment risk and also notes that certain products, such as direct participation programs and hedge funds, are generally illiquid. Reference: Section 2.2 Investment Risks; Section 2.1.6 Direct Participation Programs; Section 2.1.8 Hedge Funds.
NEW QUESTION # 161
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